2 0 1 2 S h a r e h o l d e r ’ S G u i d e

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Your dividends

Portfolio

Annual General Meeting:

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iMPortANt EVENtS

France’s international success

ViEwPoiNt

HomeHealthcare

Special RepoRt

2 0 1 2 S h a r e h o l d e r ’ S G u i d e

Contents

04

08Viewpoint

Air Liquide in pictures

10Home

healthcare

02Message from Benoît Potier

02 Message from Benoît Potier

04 Air Liquide in piCtures

08 Viewpoint: France’s international success

10 Special report: Home healthcare Parkinson’s disease

14 Air Liquide news

15 2011 Key figures

16 Gas and services

18 2011 Highlights

20 Air Liquide around the world

22 Strategy

24 Air Liquide Foundation

27 stoCk mArket news

27 Column European financial reforms since the 2008 financial crisis

30 A strongly growing, long-term investment

32 Your portfoLio

32 Loyalty bonus

33 Free shares

34 Dividends

36 The stock market

38 Capital gains

41 direCt registered shAres

42 More clarity and flexibility in managing your account

43 More simplicity

44 Between us

44 Closer from you

48 Involving younger generations in the stock market

49 Focusing on Europe

50 A closer look Ratings: not just for nations…

4132

44

5852Direct registered sharesYour portfolio

Between us

Learn more

Important events

52 importAnt events

52 Annual General Meeting

54 Mini-exhibition at the Shareholders lounge

56 2011 Actionaria Fair

58 LeArn more

58 Shareholding options

61 Inheritance and gifts

63 From you to us

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01

édito

Your loyalty enables us to pursue our long-term development.

messAge from Benoît potier02

2011 was a year of solid performance within a diverse environment: the earthquake and tsunami in Japan, massive flooding in Asia, political upheaval in several Arab countries, the sovereign debt and euro zone crises… the list goes on.

this performance clearly demonstrates the robustness of the Group’s growth model and confirms the relevance of its growth drivers.

At the Annual General Meeting of Shareholders on May 9, 2012, a dividend of €2.50 per share will be proposed – an increase of +6.4% over last year – along with the attribution in June 2012 of 1 free share for every 10 shares held. In 2011, more than 20,000 of you joined Air Liquide’s shareholder base of 410,000 individual shareholders, representing 37% of the capital. Many of you expressed your commitment to Air Liquide by opting for registered shares, and the number of registered shareholders is growing steadily every year. In a difficult economic and stock market context, these figures are proof of your confidence and loyalty in the Group. Last year, the Group recorded strong activity and net profit growth, with total revenue rising to €14.5 billion (+7.2%) and net profit reaching €1.5 billion (+9.4%).

We continued our investment and growth in developing economies, which now represent 21% of Gas and Services revenue. These countries are investing heavily in their industrial infrastructure, generating high demand for industrial gases such as oxygen, whose production is increasingly outsourced. Of the 16 start-ups in 2011, 60% were located in developing countries, primarily consisting of oxygen units for the steel sector. This was the case in the Ukraine, where Air Liquide signed its first contract to provide air gases to the country’s steel leader,

and in Russia with a new contract in the same sector. The Group also entered the Mexican market and continued to invest in South America, the Middle East and China.

In the energy and the environment fields, industrial gases help improve energy efficiency and the environmental footprint of customer processes. They also play a role in the production of some alternative energies. In 2011, thanks to Lurgi technology, Air Liquide took another step forward in the gasification sector by signing a long-term contract for syngas purification in China. The year also saw developments in the field of hydrogen energy, notably in the United States.

Air Liquide also strengthened its leadership in the photovoltaic sector by signing new contracts in Japan, India, Morocco, the United States and Germany.

In healthcare, a market that Air Liquide leads in Europe, the Group pursued its acquisition strategy and has progressively expanded its range of chronic disease treatments by acquiring a German company specialized in the treatment of Parkinson’s disease.

As part of its ALMA 2015 program, Air Liquide reaffirmed its ambition to be the world leader through performance and responsibility. Beyond financial performance, the Group endeavors to account for the interests of all its stakeholders in orienting its activities and meeting its targets. We have outlined our commitments to four categories of stakeholders — shareholders, customers and patients, employees and communities — and in three fields of action: environmental footprint, business practices and governance, and innovation. These commitments and corresponding goals will be gradually implemented in 2012.

Air Liquide plans to continue its policy of providing total shareholder returns over the long term based

on the steady increase in profits and dividends and a relationship built on mutual respect and consideration.

Ladies and gentlemen, shareholders of the Group, all of us at Air Liquide thank you for your continued support. Your loyalty is the cornerstone that enables us to maintain our investment momentum and pursue our long-term development.

“air liquide plans to continue its policy of providing total shareholder returns over the long term, based on the steady increase in profits and dividends.”

MESSAGE froM BENoît PotiEr, Chairman and CEO

03

Developing the Air Liquide shareholder base in Europe… On December 12, 2011, Markus Sieverding, Managing Director of Air Liquide Deutschland GmbH, and Laurent Dublanchet, Director of Shareholder Services, presented the Air Liquide shareholding model to German individual shareholders in Düsseldorf, Germany. This is a way to promote investing in Air Liquide shares beyond French borders.

Air Liquide Meeting Shareholders in Germany

Air Liquide in piCtures04

The Annual General Meeting is a unique opportunity to share information, interact and dialogue with shareholders. Air Liquide is committed to encouraging the participation of its individual shareholders, who represent 37% of its capital. In 2011, Air Liquide welcomed more than 5,000 people at the event.

Annual General Meeting

05

In cooperation with global car manufacturers, Air Liquide organized the first tests in France of a dozen hydrogen electric vehicles on the Marcoussis motor racing circuit, near Paris. For the Group, this unique event provided an opportunity to inform public opinion on the use of hydrogen as a new clean energy carrier. The goal: to help develop this industry in order to ensure sustainable mobility in France.

Hydrogen energy

Air Liquide in piCtures06

07

France’s international successDue to France’s current sluggish economy, it is clear that French companies must seek growth by conquering new foreign markets. Considering the country’s mitigated trade balance figures, the future lies beyond France’s borders. We have many initiatives underway to export our knowledge and expertise abroad.

viewpoint08

France’s international success

BY CHriStoPHE DuDAY, ParTnErShiP manaGEr, inTErnaTiOnaL rELaTiOnS aT ThE aSSEmBLY OF FrEnCh ChamBErS OF COmmErCE and indUSTrY (aCFCi)(a)

“along with innovation, the key to success abroad is the ability to adapt products to local markets.”

Export goods and services or establish a local presence? There are several options for companies looking to develop abroad. They can take the export route or establish a local presence through a subsidiary, partnership or representative office. Currently, there are almost 95,000 “exporting” companies in France. This figure is modest compared to Italy and Germany for example, where companies are highly active in emerging economies. However, French companies do have more than 35,000 subsidiaries around the world. Among these are mostly major groups now earning more than half their revenue outside France. While EU countries remain France’s primary customers (receiving 61.2% of French exports, or €236.8 billion in 2010), French companies are pursuing the rapid growth and development prospects in emerging countries, including the famous BRIC nations (Brazil, Russia, India, China). Asian countries are now attracting 10.4% of French exports, while Africa and Indonesia are set to become the new preferred regions for global commerce.

Adapting to the local marketMany French companies are achieving international success. While fine cuisine and luxury items are the country’s emblems in the world market, France is also recognized around the globe for its specialization in other fields: aeronautics, transportation infrastructure, energy, urban infrastructure (water, waste and air quality management), health, etc. Beyond these traditional sectors,

French companies of all sizes are highly solicited for their technology innovation capacities. Witness the success of French video game design, smart cards, 3D technology, robotics, etc. Indeed, high tech and R&D are the keys to France’s international success, and we can be proud of that. Along with innovation, the key to success abroad is the ability to adapt products and services to local markets. To export French knowledge, companies have to adapt it to local conditions. The companies that have understood this are seeing the most success.

Helping SMEs to access the international marketBetween major groups—spearheads of the French economy—and a multitude of small companies struggling to grow, France lacks a strong network of intermediate SMEs (small-and medium-sized companies with 250-5,000 employees) that lead their field. With its Mittelstand, Germany boasts five times more of these kinds of companies than France; together, they export as much as all French companies combined. Created in June 2010 in partnership with Air Liquide, the Association Pacte PME aims to turn the best French small businesses into intermediate SMEs and encourage their international development. More than ever, French Chambers of Commerce and Industry are highly motivated to support SMEs outside of France. They are notably increasing their efforts to identify non-export companies with high potential (competitive and innovative) in order to help them gain market share.

Now a national priority, a French exports team has been created to support companies on an international level. It channels the efforts of all public and private partners into an interest in French economic success abroad in order to help companies to spread their knowledge and expertise in strategic markets.

(a) The ACFCI –CCI International, the association of French CCI for companies’ internationalization, provides SMEs with the experience of more than 600 international development advisors and/or formalities, in partnership with the 800 employees of the 107 French Chambers of Commerce and Industry, located in 77 countries, www.cci.fr

09

home heALthCAre

Another step forward for Air Liquide

PARKINSON’S DISEASE

The ageing of the population goes hand-in-hand with a rise in the number of people suffering from chronic diseases. Building on its expertise in respiratory home healthcare, Air Liquide has expanded its offer well beyond the respiratory field to include infusion. It now provides home healthcare services to diabetic patients using insulin pumps and, more recently, to Parkinson’s patients using apomorphine pumps(a).

Air liquiDE: A MAJor PlAYEr iN HEAltHCArEThe Healthcare business line is structured around two pillars: Hospital care (medical gases, medical gas services and hygiene) and Home healthcare. Air Liquide has become a leader in medico-technical management at home of patients

suffering from chronic diseases (respiratory diseases, diabetes, etc.) whose treatment requires the use of medical devices. The Group has developed a high-quality offer of services provided on the ground every day by multidisciplinary teams (technicians, nurses, dieticians, etc.). Putting this expertise and knowledge to work for patients helps improving their condition, autonomy and quality of life.

“The ageing of the population, the spread of chronic diseases, an influx of new technologies, the need to control health costs, and patient demand for Home healthcare are the main challenges facing Air Liquide and all major healthcare players.”

(a) Apomorphine is a drug used to treat the severe motor fluctuations of Parkinson’s disease.

10

“By 2015, air liquide aims to deliver home healthcare services to 1 million patients around the world.”

11

Before 1980

healthcare activity was focused on the medical gases offer for hospitals.

development of a new activity: home healthcare. patients with chronic respiratory diseases were now able to receive care at home.

Creation of vitalAire: an international network for the Air Liquide home healthcare business.

orkyn’, a home healthcare provider in france, became a 100% subsidiary of Air Liquide.

1986 19991980s

HoME HEAltHCArE: A SuCCESSful PASt AND A ProMiSiNG futurE

HoME HEAltHCArE for PArkiNSoN’S DiSEASE Parkinson’s disease is the second-most prevalent neurodegenerative disease, after Alzheimer’s. For several years now, Air Liquide has provided home healthcare services to late-stage Parkinson’s patients who use apomorphine pumps. This continuous supply treatment helps fight against the disease’s debilitating motor symptoms caused by the disease itself and improves patients’ quality of life.

Approximately 6,000 Parkinson’s patients in the world currently receive apomorphine pump treatment. Experts think that 1-2% of all cases could benefit from this treatment: 60,000-120,000 potential patients.

Infusion is an intravenous or subcutaneous injection technique for administering medication. The Air Liquide infusion at home activity treats the following diseases: nutritional deficiency, immunodeficiency, pulmonary arterial hypertension, diabetes and Parkinson’s for patients equipped with pumps.

DiD You kNow?

“More than 6 million people worldwide suffer from Parkinson’s disease, and for half of them, the disease is at an advanced stage.”

“Air Liquide offers Home healthcare services in 30 countries across Europe, Latin America and Asia.”

home heALthCAre12

DEVEloPMENt of tHE iNfuSioN ACtiVitY Air Liquide’s infusion activity started in France. It includes offering medico-technical management of patients at home, delivering medical equipment and consumables, teaching patients and their loved ones how to use devices, coordinating with healthcare professionals, monitoring and transmitting follow-up data to doctors. Air Liquide developed its Home healthcare offer for Parkinson’s patients in 2007, when these services became eligible for coverage under France’s national health insurance.

Through its Home healthcare subsidiary brands Orkyn’ and VitalAire, Air Liquide is now a major player in the French Home healthcare market for Parkinson’s patients using a pump.

The 2011 acquisition of Licher Medical Therapy (LMT), the German leader in medico-technical management at home of Parkinson’s disease patients treated by intravenous apomorphine, enables Air Liquide to develop its infusion activity beyond French borders. LMT has developed a high-performance offer supported by a recently expanded team of top-level nurses and technicians.

This innovative company also develops medical equipment such as pumps and consumables specifically designed to better meet patient needs. In addition to this acquisition, an agreement was signed for the distribution in Germany of apomorphine (marketed under the brand name APO-go®) with the pharmaceutical company Britannia (STADA group), which manufactures this drug. VitalAire has thus become a pharmaceuticals distributor.

Building on its Home healthcare experience and expertise, Air Liquide plans to expand its infusion activity to other European countries.

Air Liquide expanded its offer to include infusion by providing home healthcare to diabetes patients using insulin pumps. from 2005, growth in the home healthcare business accelerated in europe, notably through acquisitions.

home healthcare provided to parkinson’s patients using apomorphine pumps.

Acquisition of dinno santé in france, a specialist in medico-technical services for diabetes patients. Acquisition of 70% of snore Australia, one of the country’s major players in sleep diagnosis, and 70% of medions, south korean leader in home ventilation.

Acquisition of Adep Assistance in france, specialist in home respiratory assistance. Acquisition of Licher medical therapy, german leader in medico-technical management of parkinson’s disease patients treated with infusion therapy at home.

2007 2010 20112001

13

Oxygen, nitrogen, hydrogen and rare gases have been at the core of Air Liquide’s activities since its creation in 1902. Using these molecules, Air Liquide continuously reinvents its business, anticipating the needs of current and future markets. The Group innovates to enable progress, to achieve dynamic growth and a consistent performance.

Innovative technologies that curb polluting emissions, lower industry’s energy use, recover and reuse natural resources or develop the energies of tomorrow, such as hydrogen, biofuels or photovoltaic energy… Oxygen for hospitals, homecare, fighting nosocomial infections… Air Liquide combines many products and technologies to developvaluable applications and services not only for its customers but also for society.

A partner for the long term, Air Liquide relies on employee commitment, customer trust and shareholder support to pursue its vision of sustainable, competitive growth.

The diversity of Air Liquide’s teams, businesses, markets and geographic presence provides a solid and sustainable base for its development and strengthens its ability to push back its own limits, conquer new territories and build its future.

Air Liquide explores the best that air can offer to preserve life, staying true to its Corporate Social Responsibility and sustainable development approach.

80 46,200PrESENt iN countries with employees

Air Liquide is the world leader in gases for industry, health and the environment

ACtuALité Air LiquideAir Liquide news14

2011 Key FiguresGrouP rEVENuE BY ACtiVitYin miLLiOnS OF EUrOS

Engineering and Construction

Other activities

Gas and Services

12,839

913705

14,457GrouP rEVENuE in miLLiOnS OF EUrOS

1,535NEt Profit (Group share) in miLLiOnS OF EUrOS

¤2.50DiViDEND(a)

12.1%roCE rETUrn On CaPiTaL EmPLOYEd aFTEr Tax

(a) To be proposed at the Annual General Meeting on May 9, 2012.

15

GAS AND SErViCES rEVENuE BY GEOGraPhiCaL arEa

Gas and Services

24%Asia-Pacific

52%Europe

Air Liquide news

Industrial Merchant > The industrial Merchant (iM) business line leads the Group in revenue. it provides a broad range of markets and customers—including craftsmen, small-and medium-sized enterprises, and international companies—with comprehensive gas solutions to set up and optimize the efficiency of their industrial processes. Thanks to its network of global experts and geographic reach, iM, provides its customers with innovative solutions including industrial gases, application equipment, and associated services.

Large Industries > The Group builds and operates its own production units and pipeline networks to meet the critical gas needs of its customers at both a local and international level. air liquide supplies key customers in growing segments such as steel, chemicals, refining and energy. The fundamentals of li’s business are a rigorous project development process, its offer based on cutting-edge technology, and its global presence.

¤4,892million in revenue in 2011

¤4,585million in revenue in 2011

16

22%Americas

2%Middle East and Africa

Healthcare > The healthcare World Business line is structured around two pillars: hospital care (medical gases, medical gas services and hygiene) and home healthcare. The Group supplies more than 6,000 hospitals and clinics with medical gases (oxygen, nitrous oxide, nitric oxide, xenon, etc.) to assist breathing, for anesthesia, pain relief and the preservation of human cells and tissue. air liquide continuously invests in research and development to find new medical applications for its primary gases. Furthermore, it is the european leader in hospital

Electronics > air liquide is the leading supplier of the major manufacturers of electronic parts thanks to its global infrastructure and location in key asian regions. The Group’s diverse offer includes ultra-pure carrier gases, specialty gases and advanced precursors, and a complete line of on-site quality control and fluid management services. The electronics business line also supplies equipment and installs gas and ultra-pure chemical product distribution units for its customers’ new production facilities.

¤2,076million in revenue in 2011

¤1,286million in revenue in 2011

disinfection (surgical units, endoscopy, etc.). air liquide has also emerged as a leader in medico-technical management at home for more than 700,000 patients suffering from chronic diseases (respiratory disorders, diabetes, etc.), whose treatment requires the use of medical devices.

2011 HighlightsJANuArY

India: new developments in the West of the countryCommissioning of a new state-of-the-art air separation unit (ASU) to produce gaseous nitrogen.

Poland: two new ASUs commissionedThe new air separation units are the biggest liquid and gas production source in Central and Eastern Poland, with an aggregate production capacity of around 1,700 tonnes per day.

Acquisition of ADEP Assistance, a major homecare provider in France Air Liquide acquired ADEP Assistance, specialist in medico-technical homecare for respiratory deficiencies.

fEBruArY/MArCH

United States: powering a hydrogen forklift fleetThe Group will provide liquid hydrogen, a filling station and the infrastructure to power the forklift fleet at Coca-Cola’s facility in California.

APril

New contract with Russia’s leading steel producerAir Liquide signed a new long-term agreement with Severstal. The Group will provide oxygen, nitrogen, and argon for the new steel plant.

New investment in the PhilippinesAir Liquide invested more than €22 million in the construction and operation of a new ASU.

Air Liquide confirms its leading position in the photovoltaic industryAir Liquide signed 15 additional long-term contracts with leaders in the photovoltaic industry in China, Taiwan, Japan and Germany.

MAY

Air Liquide: Challenge Bibendum technological partner in BerlinThe Group set up a hydrogen filling station to fuel 30 hydrogen-powered vehicles presented during the event.

Further investments in Saudi ArabiaSigning of a new long-term agreement with Saudi Aramco for nitrogen supply. Air Liquide will invest more than €25 million in two ASUs.

Major investment in Chile’s Santiago regionAir Liquide decided to invest in a new air gases plant. The unit represents a total investment of nearly €25 million.

JuNE

China: further development in the Hefei industrial basinAir Liquide announced the signing of a long-term agreement with IRICO Electronics, a glass manufacturer for the photovoltaic industry located in the industrial development and high-tech zone of Hefei.

First steps in Ukraine: long-term agreement with the steel industry leaderAir Liquide signed a long-term contract with EMZ, a subsidiary of Ukrainian steel leader Metinvest, to supply industrial gases. The overall Air Liquide investment is around €100 million.

JulY

France: contract with Nanomakers in nanopowdersAir Liquide will supply silane, hydrogen, acetylene, argon and equipment for Nanomakers’ first industrial site in France.

Air Liquide Foundation supports research in neurodegenerative disordersThe Air Liquide Foundation decided to support the ICM’s research work in the analysis of the mechanisms of neuronal degeneration in Parkinson’s disease.

Air Liquide news18

AuGuSt/SEPtEMBEr

Issue of the first Renminbi denominated bonds Air Liquide is the first French company to issue Renminbi denominated bonds for a total amount of €300 million in order to contribute to the financing of its development in China.

Germany: acquisition of a leader in home infusion therapyAir Liquide announced the acquisition of Licher Medical Therapy, the German leader in medico-technical homecare for Parkinson’s patients.

Major acceleration of growth in TurkeyAir Liquide will invest in a new YangO

2

production unit, a standardized ASU that is easy to deliver across the world at competitive prices and equipped with the Group’s innovative technology.

oCtoBEr

Further investments in BulgariaAir Liquide will invest close to €10 million to expand its operations in Pirdop, located 80 km east of Sofia.

New contract with South Korean steelmakerAir Liquide signed a contract with Posco, to design and build two very large ASUs.

NoVEMBEr/DECEMBEr

Partnership for the development of the European market for hydrogen forklift trucksAir Liquide and Plug Power, the world leader in fuel cells for forklift trucks, announced their intention to join forces to develop the market for hydrogen-powered forklift trucks in Europe.

China: major contract signed with SinopecAir Liquide signed a contract for the supply of oxygen and nitrogen with Sinopec, Asia’s largest petroleum and petrochemical group, as part of a coal-to-hydrogen project.

Further investments in SingaporeAir Liquide is increasing its investments on Jurong Island in order to expand its industrial gas infrastructure.

Air Liquide Foundation: support for research into the carbon footprint of the mangrove in New CaledoniaThe Air Liquide Foundation has chosen to give €120,000 over two years to the Institut de Recherche pour le Developpement, a European research organization based in Marseille, France.

19

Air Liquidearound the world

Americas > argentina/Brazil/Canada/ Chile/dominican republic/ Mexico/Panama/Paraguay/ Trinidad and Tobago/ united States/uruguay

Air Liquide news

21%

46,200 men and women, in four geographical areas, compose multicultural teams with a host of skills.

DiStriButioN of EMPloYEES BY GEoGrAPHiCAl ArEA

20

Air Liquidearound the world

Europe > austria/Belgium/Bulgaria/Czech republic/ denmark/Finland/France*/Germany/Greece/hungary/italy/luxembourg/Netherlands/Norway/Poland/Portugal/romania/russia/Slovakia/Spain/Sweden/Switzerland/Turkey/ united Kingdom/ukraine

Asia-Pacific > australia/Brunei/ China/india/indonesia/Japan/Malaysia/ New Zealand/Philippines/Singapore/South Korea/ Taiwan/Thailand/Vietnam

Middle East and Africa > algeria/angola/Benin/Botswana/Burkina Faso/Cameroon/Congo/egypt/Gabon/ Ghana/ivory Coast/Kuwait/lebanon/Madagascar/Mali/Morocco/Namibia/Niger/Nigeria/oman/Qatar/Saudi arabia/Senegal/ South africa/Swaziland/Syria/Togo/Tunisia/united arab emirates

* including: French Guiana, Guadeloupe, Martinique, New Caledonia and Polynesia.

52%

5%

22%

21

To be the leader of its industry through Performance and Responsibility over the long term

STRATEGy

Air Liquide news

Performance and Responsibility are central to the Group’s strategy for long-term progress. The result of the company’s actions performance is visible and measurable, and the long-term trust of its stakeholders depends on it. Responsibility is how the Group and its employees account for the interests of all stakeholders in driving their initiatives and obtaining results.

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fiVE SoliD GrowtH DriVErS

In 2008, Air Liquide launched its ALMA company program with the aim of accelerating its competitive growth.

Supported by society’s long-term trends, the Group’s five growth drivers have proven their potential.

EnergyIn a context where energy needs are growing and fossil fuel resources are becoming increasingly rare, Air Liquide offers its customers more effective, energy-efficient industrial solutions. The Group is also innovating in alternative energy solutions such as hydrogen energy.

The EnvironmentAir Liquide is a key player in this area. The Group’s offer includes the reduction of industrial emissions, with processes such as oxycombustion (which replaces air with pure oxygen in combustion boilers) allowing the capture and storage of the CO

2 rejected.

HealthcareAir Liquide is a major player in hospital care and home healthcare. The Group produces and supplies medical gases (oxygen, nitrogen protoxide, nitrogen monoxide, xenon, etc.) to more than 6,000 hospitals and clinics for respiration therapy, anesthesia, pain relief and the preservation of human cells and tissue.

High TechIn a world where new information technologies, microprocessors and fiber optics play an increasingly important role, Air Liquide is developing more and more sophisticated processes that are essential to the semi-conductor industry.

Developing EconomiesThe Group is involved in the growth of developing regions in order to lead these markets, which represent the majority of the opportunities in the Group’s investment portfolio.

rESPoNSiBlE BuSiNESS

As part of its Corporate Social Responsibility, Air Liquide has defined commitments regarding four stakeholders of the Group:

ShareholdersDeliver long term performance thanks to a steady increase of investment value, ensure respect and consideration in the relationship with shareholders.

Customers and patientsDeliver value to customers and patients through safe, reliable and cost-effective solutions; proactively dialogue with customers and patients.

EmployeesBe a great place to develop one’s potential, providing employees with a safe, performing, and respectful work environment.

CommunitiesAct as a good citizen in the countries where the Group operates, by participating in the development of local economies, the protection of life and the environment, and through a proactive dialogue with communities.

The Group also committed to three fields of action:• improve the environmental

footprint• enhance business practices

and governance• innovate relentlessly.

23

Taking social and human concerns to heart

AIR LIqUIDE FOUNDATION

Created in 2008 and chaired by Benoît Potier, the Air Liquide Foundation demonstrates the Group’s commitment as a socially responsible company. In line with its Responsability and Sustainable development policy, the Foundation has defined three major missions based on Air Liquide’s expertise and legitimacy considering its business and geographical presence: the Environment, Healthcare and Micro-Initiatives promoting local development.

rotecting the planet’s air against global warming is a major societal concern. It encompasses issues

such as greenhouse gases, deforestation and the melting polar ice cap. In partnership with research organizations, the Air Liquide Foundation is expanding and developing scientific understanding of the Earth’s atmosphere and its interaction with ecosystems.

The Foundation is also involved in the field of chronic respiratory illnesses, which represent one of the leading causes of death in the world.

Alongside institutes and university laboratories, the Foundation is involved in programs designed to improve respiration in the medical field as well as in exploration, space and undersea diving.

Finally, the Foundation supports numerous local efforts in countries where the Group operates. These diverse micro-initiatives aim to develop access to education and vocational training; to increase access to healthcare, energy and water; to support the creation of microenterprises; to improve comfort for the disabled…

100 projects supported since 2008

40 projects under consideration

50% of projects submitted by air liquide employees

P

ProJECtS oN EVErY CoNtiNENtThe Foundation is present around the world in almost 40 territories. Air Liquide employees are fully and personally involved in this effort, sponsoring projects and volunteering on site. It’s the perfect commitment for responsible citizens.

Air Liquide news

Europe

Americas

Africa

Asia

9%

36%

38%

17%

24

HEAltHCArE

Parkinson’s research: a long-term commitmentToday, one in eight people in Europe is afflicted with a neurological or psychiatric disease, with over 10 million people being diagnosed. This fact led to the creation of the Institut du Cerveau et de la Moëlle épinière (ICM – Brain and Spinal Marrow Institute). Located in the Pitié-Salpêtrière hospital in Paris, the institute accommodates more than 600 researchers, patients and doctors in 22,000 m2 of laboratory space. Its mission is to improve the diagnosis, prevention and treatment of diseases affecting the central nervous system. For the next two years, the Air Liquide Foundation has committed to providing €120,000 for researching the neurodegenerative mechanism of Parkinson’s disease as well as therapeutic targets for slowing its progress and correcting symptoms. Research works specifically focus on the “cellular respiration” disorders responsible for the degeneration associated with Parkinson’s disease.

MiCro-iNitiAtiVES

Housing for victims of the Merapi eruption in IndonesiaOn October 27, 2010, the Merapi volcano, considered one of the most dangerous in Indonesia, began erupting on the island of Java. The volcanic ash cloud rose up to 1.5 km above the crater. Pyroclastic flow and falling ash claimed more than 200 victims, destroyed 2,000 homes, and displaced 400,000 people. To help the displaced, the Indonesian NGO Dompet Dhuafa set up the Growing House project. Through the first half of 2011, support from the Air Liquide Foundation helped Growing House build a dozen houses for displaced families. Each house measures 25 m2 and includes a living room, bathroom, bedroom, kitchen and terrace.

ENViroNMENt

Carbon cycle: studying the mangroveThe Air Liquide Foundation has committed to providing €120,000 of support over two years to the Institut de Recherche pour le Developpement (IRD), a European research organization based in Marseille, France. The research aims to better understand the carbon budget of the mangrove of La Foa, a village in New Caledonia.

25

Pub

World leader in gases for industry, health and the environment, Air Liquide has explored the best that air can offer to preserve life since 1902.

www.airliquide.com

Air And grAy mAtter: our resources Are endLess

European financial reforms since the 2008 financial crisis

hile the European Union faces the biggest challenge of its history due to Eurozone

members’ national debt, it is also carrying out a vast program of financial reform. Though this effort has been overlooked during the past few months, it’s very important to return to the issue. The crisis that began in 2007 with the bursting of the United States real estate bubble—which triggered the subprime crisis—is only one event in a series of crises that all share the same common denominator: debt (household, bank and now national ones).

the ambition to better control financial marketsAll of these reforms originated from the G20 meetings during the financial crisis (Washington in 2008, London and Pittsburgh in 2009, Seoul in 2010, and Cannes in 2011). National leaders and governments clearly saw the need to profoundly remodel the structure of financial markets in order to avoid further crises where private shareholders take profits and taxpayers assume losses. Since the

G20 is an informal political body, it does not have its own permanent resources. In financial matters, it generally relies on the International Monetary Fund and the Financial Stability Board. All commitments made within the G20 are political commitments that require legal action to take effect. In the US, these commitments led to the adoption of the Dodd-Frank Act in July 2010. In Europe, the adoption process is slower, with several European Directives and Regulations currently being finalized to come into force in 2012.

One of the weaknesses and mistakes that led to the 2007-2008 financial crisis was banking regulators’ lack of resources and authority to detect and manage crises. Intervention by national governments could have stopped the bankruptcies and prevented the collapse of the financial system. In the absence of any common European legal framework, government initiatives relied on national laws. To remedy the situation, the European Commission is preparing a text regarding financial crisis management. The document notably outlines cases in which

ColumnHuBErt DE VAuPlANE ParTnEr,KramEr LEvin naFTaLiS& FranKEL LLPPrOFESSOr,UnivErSiTé dE PariS 2PanThéOn – aSSaS

W

stoCk mArket news 27

managers of financial institutions in difficulty will be supervised by national banking regulators, or even just replaced by temporary administrators. To facilitate decision making for these administrators, the text requires banks to draw up living wills.

Sights set on derivativesDerivatives have received a lot of bad press. Since the financial crisis, they’ve been accused of being the root of all evil. It’s true that they played a decisive role in propagating the crisis throughout the global financial system. And the volume of derivative products is considerable: on June 30, 2011, the Bank for International Settlements reported that their notional amount (the total value of all contracts in circulation) was $708 trillion. Convinced that poor control of derivatives is a main weakness of financial markets, the various G20 summits reiterated the urgent need for more efficient regulation. Current plans will require banks and other establishments that regularly deal in such financial products to perform all operations within organized markets—not by private contract—and via a clearinghouse. These two measures will make these products more transparent and will limit systemic risk if one party defaults.

To encourage banks to move in this direction, the US and the EU (but not the rest of the world) plan to sanction all institutions that do not respect these new standards with much higher equity requirements.

Profusion of initiativesMany other texts are currently being discussed. Some aim to regulate ratings agencies, notably by making it possible to sue them for gross negligence or wilful misconduct. Another text under consideration would limit short selling, especially hypothecated sales (known as “naked short selling”). And let’s not forget the overhaul of the Markets in Financial Instruments Directive (MiFID) and the critical question of the role and legality of trading operations performed automatically using algorithms without human action. Finally, there’s also an attempt underway to revise the so called Market abuse directive (MAD) to penalize derivatives manipulation more efficiently, especially when raw materials are involved.

what should we think of all these projects? Technically speaking, they are necessary to regulate the development of financial markets but they remain largely inadequate for counterbalancing the weight of

finance in global economy. Indeed, only strong political decisions will have the power to limit the “financialization” of the economy. For example, the tax on financial transactions proposed by France during the various G20 summits will not be implemented without a global political agreement, even though this country decided to submit a change in its national law to achieve this ambition. Some countries are resisting this tax because they are primarily concerned with protecting their financial industry’s competitive edge.

“Only strong political decisions will have the power to limit the “financialization” of the economy.”

stoCk mArket news28

“as massive sovereign debt in the united States and european union rattles the economy, it’s a good idea to pack your portfolio with shares that offer stable prospects for the future. air liquide is a great bet. a long-time favorite in our “investir 10” investment rankings, the company has an excellent performance history: +7.6% average annual revenue growth over the past 30 years, and +8.5% net profit per share. Profits fell only once during that period, with a very limited drop of 0.6% in 1991.”InVESTIR – LE JOuRnAL DES FInAnCES N°1959, July 23rd 2011

Viewpoints

JoHN rAquEt, manaGinG dirECTOr OF SPiriTUS COnSULTinG LTdSpiritus consulting is a management and business consulting company specializing in the industrial gas industry.John Raquet, the Managing Director, also contributes to the magazine GasWorld.

what is your perception of Air liquide?My honest opinion is that Air Liquide has also adopted a more internal cost conscious approach to improve profitability whilst also maintaining growth. To me a leader is not the No.1 in size but one that has direction, strategy and performance and Air Liquide is striving to achieve this position.

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A StEADilY EXPANDiNG Portfolio

Air liquiDE outPErforMS tHE CAC 40

A strongly growing, long-term investment

Air Liquide in 2011

+1%CAC 40 in 2011

-17%

A StEADY trEND of loNG-tErM GrowtH

The regular, long-term growth of the Group’s revenue and adjusted net profit per share confirms air liquide’s economic model performance, fundamentals strength, and growth profitability.

if a registered shareholder decides to purchase air liquide shares every year with his or her dividends, earns the loyalty bonus, and collects free shares, his or her portfolio will see an average annual growth(a) of: 7.6% over 5 years, 10.4% over 10 years, and 11.5% over 20 years.

in the context of highly volatile financial markets, the air liquide share continues to perform better than its reference index, the CaC 40. over the past five years, the air liquide share has seen a growth rate of +7.6%, compared to –7.1% for the CaC 40. This solid result proves the strength of the Group’s fundamentals and the steadiness of its performance.

For ¤100 invested...

Over 5 years

€144

Over 10 years

€270

Over 20 years

€888

of annual growth over 30 years

+7%Revenue

of annual growth over 30 years

+8.4%

Adjusted net profit per share

stoCk mArket news

(a) as at december 31, 2011 before tax.

1981 1986 1991 1996 2001 2006 2011

In millions of euros In euros

12,000 4

9,000 3

6,000 2

3,000 1

15,000 5

5.4314,457

In euros

+11.5%+10.4%

-0.4%

+7.6%

-7.1%

Air Liquide Indexed CAC 40

+6.1%

80

60

40

20

100

20 YEARS 10 YEARS 5 YEARS1991 2001 2006

Portfolio value as at december 31, 2011 average annual growth(a)

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Air liquiDE SHArE owNErSHiP aS aT dECEmBEr 31, 2011

non-French institutional investors42%French institutional investors21%treasury shares>0%

individual shareholders37%

Air liquiDE SHArE PriCE oVEr 2011

highest share price in euros 100.65Lowest share price in euros 80.90Year-end share price in euros 95.59market capitalization as at december 31 (in millions of euros) 27,130

Average number of shares traded per day (in thousands) 937

For more information on adjusted share prices over the last 10 years, visit the Shareholders section at: www.airliquide.com.

How do you foster shareholder loyalty in a difficult economic environment? Since its creation, Air Liquide has particularly paid close attention to individual shareholders, who now represent 37% of its capital. Having a balanced proportion of individual and institutional shareholders is another essential component of our Group’s unique shareholding model. The confidence shown by the investor community in Air Liquide is especially based upon the Group’s steady financial performance, transparent information, loyalty boost through high-level services, and incentives such as the loyalty bonus and free shares.

why does Air liquide keep attracting shareholders?Air Liquide appeals to various kinds of individual shareholders: those looking to invest capital over the long term to build a life savings or transfer wealth to their children, and those who want to take part in the development of a global leader through their investment. They all share the same bond to the Group and the conviction that Air Liquide represents more than just a share: it brings confidence for the future. We recently had the chance to see this in action when purchase orders climbed at the peak of the summer 2011 stock market crisis.

what efforts are you taking to expand your shareholder base?Now more than ever, we have to provide important information as well as meet with individual shareholders and people who want to invest but are concerned about the current state of the stock market and economy. These meetings are already organized in France and around Europe. We also launched an initiative to teach students about what we consider as the true role of the stock market and long-term investment. In this period of market insecurity, we think it’s extremely important to underline the virtues of individual shareholding, which helps to finance companies and drives economic stability.

“individual shareholding is a driver of economic stability.”

iNtErViEw witH lAurENt DuBlANCHEt dirECTOr OF SharEhOLdEr SErviCES

Air liquiDE SHArE owNErSHiP BY SHArEHolDiNG oPtioN aS aT dECEmBEr 31, 2011

registered shareholders192,000direct registered shareholdersincluding 78,000

of capital is held in registered form35%

individual shareholders410,000

of capital is held by employees (a)1.6%

Average individual shareholder portfolio: shares225(a) At the end of 2011, the share of capital held by employees and

former employees of the Group is estimated at 2.2%, of which 1.6% (in the meaning of article L225-102 of the French Commercial Code) corresponds to shares subscribed by employees during employee reserved capital increase operations or held through mutual funds.

31

Your portfoLio

rEwArDiNG Your loYAltYAll shareholders who have held registered shares for more than two full calendar years benefit from the loyalty bonus, which results in a 10% dividend increase and 10% more free shares. To receive the bonus, all you have to do is not sell your shares before the free share attribution and dividend payment date. CoNVErt Your SHArES You can benefit from the loyalty bonus with a securities account held by a banking institution. You just need to convert your Air Liquide shares to intermediary registered shares. You will receive all the advantages

of registered shares while leaving the portfolio management to your financial institution.

DoN’t loSE Your PrECiouS BoNuSWhen sold, registered shares are automatically converted into bearer shares and therefore they lose their loyalty bonus. So be careful with your “buy-sell” orders. In case of inheritance, donations or hand-to-hand gifts to a spouse or a relative entitled to inherit, Air Liquide shares still qualify for the loyalty bonus.

tHE loYAltY BoNuS EXPlAiNED

2012i register my shares before december 31

2015i receive the first loyalty bonus for my registered shares held

since 2012(a)

2013 - 2014my registered shares

are held for two full calendar years

2016 - 2017…and i continue to receive

it the following years(a)

(a) For shares held for two full calendar years and subject to the conditions defined by Air Liquide’s articles of association.

on the dividend value received and on the number of free shares allocated

Convert your bearer shares to registered shares by December 31, 2012, and receive the loyalty bonus starting in 2015(a).

10%

1 Loyalty bonusWhy not you?

…

(a)

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BENEfit froM frEE SHArES AttriButioN!Air Liquide regularly issues free shares(a) to all its bearer and registered shareholders, which allows you to expand your portfolio over time. In addition to passing on nearly 47.5% of profits to shareholders, Air Liquide distributes a portion of its retained earnings in the form of free shares. These are free shares given out in proportion to the number of Air Liquide shares you already hold. Free shares receive the same voting rights, dividends and loyalty bonus as the shares you held to receive them.

ADDitioNAl 10% frEE SHArES AlloCAtED!If you hold your registered shares through at least two full calendar years, the loyalty bonus gives you a 10%

increase in the number of free shares(a) you will receive.

wHAt ABout frACtioNAl riGHtS?If the number of shares you hold is not a multiple of the attribution transaction, you will receive a cash payment for the portion of the free share that cannot be distributed. This is known as a “fractional right”. In 2012, the attribution transaction will distribute 1 free share for every 10 shares you hold. For example if you hold 82 Air Liquide shares, you will receive 8 new shares and 2 fractional rights (paid out in euros). Please remember: fractional rights must be included in your sales total when paying your capital gains tax. All fractional rights and capital gains are taxable from the first euro.

Subject to approval at the Annual General Meeting, free shares will be attributed on May 31, 2012. Your purchase orders must be performed no later than May 30, 2012 to qualify for free shares.

Air Liquide regularly issues free shares to all of its shareholders: free shares have already been distributed 26 times since the beginning. In 2012, 1 free share will be attributed for every 10 shares held(a).

2 Free sharesGrowing your portfolio

(a) Depending on the decision made at the Annual General Meeting concerning dividends and free shares.

33

rEwArDiNG Your CoNfiDENCEThe dividend is the portion of the Group’s net profit that is distributed to shareholders. At Air Liquide, this portion represents nearly 47.5%, a sign of the Group’s commitment to sharing the fruits of its growth with shareholders. This year, the dividend is set at €2.50 per share, subject to shareholder approval at the Annual General Meeting.

wHEN will i rECEiVE tHE DiViDEND?The dividend will be paid out on May 16, 2012. Your bank account will be credited in the following days, depending on processing time.

wHAt Do i HAVE to Do?There are no formalities to complete. If you hold direct registered shares, the dividend is deposited directly into your account by Air Liquide. If you hold intermediary registered shares or bearer shares, Air Liquide distributes the dividend to your bank, which will then credit your account.

(a) Amount proposed for the 2011 fiscal year at the Annual General Meeting on May 9, 2012. (b) Dividend adjusted to account for the free shares attribution and stock split.

Data calculated over 30 years according to the accounting standards in effect.

30 YEArS of DiViDENDS: A StEADY ProGrESSioN

In euros per share

annual growth over 30 years(b)

+9.7%

€2.50

€2.50 per share(a)

DiViDEND DiStriButED iN 2012

47.5% of Net Profit Group Share

Your portfoLio

3 DividendsSharing in profits

81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11

1

2

0.5

1.5

2.5

34

DiViDEND tAX for frENCH fiSCAl rESiDENtS oNlY

wHAt’S NEw iN 2012 Increase in the prélèvement forfaitaire libératoire (PFL), the flat-rate withholding tax, from 19% to 21%. This measure applies to dividends paid in 2012.

Rise in the social contributions rate from 12.3% to 13.5%.

wHAt DiDN’t CHANGE: CHoiCE BEtwEEN two tAX StruCturES

1. Including dividends in your income tax calculation Unlimited annual deduction of 40% Fixed annual deduction: • €3,050 for a couple, • €1,525 for a single individual.

2. Flat-rate withholding tax Fixed tax rate set at 21%; You do not benefit from the deductions mentioned above.

tAXES for rESiDENtS liViNG outSiDE of frANCEIn general, a tax agreement exists between France and your country of residence. This agreement sets a reduced flat tax rate on your dividends. To benefit from this agreement, you must send a 5000 form(a) (which expresses your request for the tax rate defined in the agreement) to your account manager (Air Liquide Shareholder Services for direct registered shares or your bank for intermediary registered and bearer shares). The form must be duly signed by the tax authorities of your country of residence before mid-April 2012.If you fail to submit this form, a flat tax rate equal to or above 30% will be applied. Dividends received by residents living outside of France are not subject to social contributions.Do not forget to inform your account manager if you move to a new address so that relevant tax laws are applied to your country of residence.

(a) You can download the Cerfa n°12816*01 form on www.impots.gouv.fr

35

The stock market is a place where supply and demand of capital meet. It offers companies a portion of the funding they need to develop and gives individuals an opportunity to invest their money.

There are two types of markets: The primary market, called the “new market”, where new shares are issued.

The secondary market, called the “used market”, where shares that have already been issued are traded. Shares are traded every day at prices that vary depending on supply and demand. Buy and sell orders are compared on the market sheet to determine the share price for trading. The secondary market also guarantees share liquidity:

buyers and sellers are able to quickly trade as many shares as they choose.

froM tHE BourSE DE PAriS to NYSE EuroNEXt

In 2000, EURONEXT was created by merging the Amsterdam, Brussels and Paris stock markets. The Lisbon stock market and London LIFFE both joined EURONEXT soon after.

In 2006, the American NYSE and European Euronext merged to become NySE Euronext.

Starting precisely at 7:45 AM Paris time, the central computer at NYSE Euronext Paris compares all buy and sell orders to determine the opening share prices for 9:00 AM. Stock orders can then be performed until 5:30 PM Paris time.

CHooSE CArEfullY tHE riGHt StoCk orDEr

ExPLANATION ExAMPLE ADvANTAGES DISADvANTAGES

“liMitED PriCE” orDEr

You set a maximum purchase price or a minimum selling price (limit). The order is executed only when the market price is lower than or equal to this limit to buy or higher than or equal to this limit to sell.

if your maximum purchase price is 90 euros, as long as the share price is above 90 euros, the order cannot be executed.

• Protection from market fluctuation.

• Control of execution price.

• Uncertainty whether the order will be executed.

“BESt PriCE” orDEr

You place an order without any specific price. The order is executed at the best available price for buying or selling when it reaches the market.

You place an order at 3:10 pm during the trading day. if the best available price is 92 euros, the order is executed at 92 euros.

• Gives you the best price available when your order arrives on the market.

• The order can be partially executed if the quantity offered is less than the demand. The rest of the order remains on the market sheet until the same price is again available.

“MArkEt PriCE” orDEr

Your order does not have any price limit. however, it takes priority over all other types of orders upon arrival. These orders are always fully executed.

You place a purchase order for 300 shares. on the market sheet, the best prices are: • 100 shares at 90 euros,• 200 shares at 92 euros.Your order will be executed at these prices.

• Rapid and full execution of your order.

• No control over the price of the transaction.

Your portfoLio

The stock market

Made easy4

36

How Do i BuY AN Air liquiDE SHArE?

Two options are available if you are looking to invest in Air Liquide shares.

If your hold direct registered shares, consider direct debit for your buy orders. You can place your orders 24 hours a day(a) in the Shareholders section at www.airliquide.com.

your Air Liquide shares are invested

in a securities account with your bank.

your shares are managed by Air Liquide Shareholder

Services.

You hold bearer shares or intermediary registered shares.

You hold direct registered shares. You are exempted from handling fees. You benefit from the loyalty bonus and lower broker fees (0.18% excl. tax).

You place your stock orders with your financial intermediary. For any new buy order, you may send an intermediary registered share conversion request form to benefit from the loyalty bonus.

You place your stock orders with Air Liquide.

E-lEArNiNG: EDuCAtioNAl AND ENtErtAiNiNGShareholder Services has designed a fun and informative learning program especially for you. It will be available from June 2012, in the Shareholders section at www.airliquide.com. The first program, “The stock market today”, provides information about the role and history of the stock market, the various parties involved in its operation, and Air Liquide’s history in the market.

(a) Provided you have signed an account agreement with Air Liquide.

TO FInD OuT HOW TO BuY AIR LIquIDE SHARES, SCAn THIS CODE.

EuroNEXt PAriS 2012 trADiNG CAlENDAr

The stock market is open from Monday to Friday except for the days listed below:

• April 6, 2012 (Good Friday),

• April 9, 2012 (Easter Monday),

• May 1, 2012 (Labour Day),

• December 25, 2012 (Christmas Day),

• December 26, 2012 (Boxing Day).

37

Your portfoLio

A uSEr’S MANuAl for frENCH fiSCAl rESiDENtS oNlYCapital gains are the profit made from the sale of a security. They correspond to the difference between the sale price and the purchase price of your securities.

Your NEt tAXABlE CAPitAl GAiNS iS EquAl to:

(a) Net taxable capital gains are calculated based on capital losses you may have incurred, which can be deducted from capital gains of the same nature earned in the same year or during the next 10 years.

(b) For your 2013 tax return on 2012 revenue, you must consider all sales occurring between December 28, 2011 and December 24, 2012 included.

Capital gains tax: all you need to know to declare your 2011 revenue in 2012

Your 2011 CAPitAl GAiNS(b)

tAX to PAY iN 2012No tax threshold

• Capital GAiNS tAX

• soCial CoNtriButioNS

32.5% (19% tax on capital gains + 13.5% social contributions, starting from the first euro)

SharE SaLE PriCE minUS TranSaCTiOn FEES

PUrChaSE COST inCLUdinG TranSaCTiOn FEES

CaPiTaL Gain(a)

5 Capital gainsHow does it work?

38

wEAltH tAX: CHooSE tHE riGHt CAlCulAtioN MEtHoDThe value of your stock portfolio is included in your taxable assets for the impôt de solidarité sur la fortune (ISF), or wealth tax. Two ways of valuing your assets are available:

The closing price on December 30, 2011: €95.59 for the Air Liquide share;

The average closing price for the last 30 trading days in 2011: €90.77 for the Air Liquide share.

EXEMPtioN froM CAPitAl GAiNS tAXTwo scenarios provide total exemption from the capital gains tax:

Have a plan d’épargne en actions (PEA), a French stock savings plan and keep your securities for a period of 5 years from the account opening date. Remember, the cash investment limit is €132,000 per plan.

Make a gift or shared gift. These are fully tax-exempt for maximum amounts set by French law. As these transfers are valued at the close of the trading day preceding the transaction, it is possible to transfer shares and revalue their purchase price.

CAPitAl GAiNS tAXESWhat’s new in 2012Exemption from capital gains tax for securities held for 8 years (from 2006) is no longer available. It is replaced by a tax deferral mechanism accompanied by conditions that do not apply generally to individual shareholders.

For French fiscal residents only

39

entre nous

Financial appeal Loyalty bonus: +10% on dividends and free shares you receive as long as you hold registered shares through two full calendar years, and that you are still the shareholder on the dividend payment date and free share attribution date.

No handling or management fees.

Broker fees at 0.18% (excl. tax) of the total transaction amount, with no minimum.

Direct deposit of dividends into your account.

Your tax situation stays the same when you convert to direct registered shares.

A team dedicated to youAir Liquide Shareholder Services includes 26 employees available to assist you in your transactions and provide you with tailored services. Our advisors offer their support and knowledge in every aspect of securities management: Opening a securities account We guide you through your securities account agreement.

Placing stock orders We can execute your orders or you can use our dedicated website to place your stock orders over a secure connection(a).

Tailored support We help you administer your account.

Getting information on tax laws and inheritance We support you with administrative details relating to your share account.

Direct contact with Air Liquide Shareholder Services is your

one-stop contact. You can get in touch with Shareholder Services by calling the free hotline or visiting the Shareholders Lounge at the Group’s head office. Walk-ins welcome!

You receive all Group and shareholder news through our interactions newsletter and the Shareholder’s Guide MORE.

Your Invitation to Shareholders’ Meeting and voting form are sent directly to your home.

on the dividend value received and on the number of free shares allocated.

Check your account status online in the Shareholders section at www.airliquide.com, and place stock orders 24 hours a day(a).(a) Provided you signed an account

agreement form with Air Liquide.(b) For shares held for two full calendar

years and subject to the conditions defined by Air Liquide’s articles of association.

To make your transactions even easier, consider direct debit.

More performance with the loyalty bonus!

More advantages and services

+10%(b)

DireCt regiStereD ShAreS: tAiLoreD For you

direCt registered shAres 41

More clarity and flexibility in managing your accountSince September 2011, Air Liquide has presented your securities in a new way to make your portfolio easier to read.

Making your securities portfolio clearer...Your shares are now divided into four categories called “value codes” based on the year when they became registered shares. This helps you easily identify which shares currently qualify for the loyalty bonus and track the progress of other shares set to receive the bonus in the future.

...and more flexibleEach security category is labeled with a value code (ISIN code). At the beginning of each calendar year, all shares in your portfolio are automatically split into each category. You have no procedure to complete, and it’s easy for you to keep shares that receive the loyalty bonus when you place stock orders.

direCt registered shAres

PERMANENT VALUE CODES

INTERMEDIATE VALUE CODES

FR0000120073 Shares registered in the current year. Loyalty bonus if you hold registered shares for more than 2 full calendar years. Bearer shares are also listed under this value code.

FR0011147412 Shares registered in 2011 that qualify for the loyalty bonus in 2014.

FR0000053951 Registered shares that already qualify for the loyalty bonus.

FR0010970137 Shares registered in 2010 that qualify for the loyalty bonus in 2013.

Learn more In 2013, the value code FR0010970137 will expire, and all registered shares with this code will be transferred to the permanent code FR0000053951. They will then qualify for the loyalty bonus. A new intermediary code will be created on January 1, 2013, for shares registered in 2012, which will receive the loyalty bonus in 2015. It will be sent to you with your account status on December 31, 2012.

www.airliquide.comFind more information in the Shareholders section of our website.

(excl. tax) of the total transaction amount, with no minimum.

reduced broker fees!

0.18% Broker fees at

42

More simplicityConverting to direct registered shares is easyIf you are already an Air Liquide shareholder with intermediary registered or bearer shares Fill out the request form to convert to direct registered shares and send it to your financial intermediary. You can download the conversion form in the Shareholders section at www.airliquide.com.

Your bank will perform the operation and inform Shareholder Services, who will then send you the account agreement.

You must send your signed account agreement back to Shareholder Services in order to finalize the opening of your account. Conversion fees and processing times vary according to financial institutions. Contact your financial advisor for more information.

If you are not yet an Air Liquide shareholder Contact Shareholder Services to open an account or download the account agreement from www.airliquide.com.

A new website made simple and easyYou now have one-click access to all of your Air Liquide shares and portfolio operations.

Operations made easy You have direct access to all your information and can change your bank data or mailing address using a standard prefilled form. You can also consult comprehensive information that is useful to manage your direct registered account (gift forms, stock order forms, and more).

Real-time information Submit your stock orders(a) and view your current/past orders at any time. You can also view real-time information for all securities account operations as well as all amounts received (dividends and/or fractional rights, share sales, etc.).

Contact us

www.airliquide.com, Shareholders section

Shareholder Services75, quai d'Orsay75321 Paris Cedex 07France

+33 (0)1 57 05 02 26 From outside Franceor from a French landline

Contact us directly through the website: http://contact.shareholders.airliquide.com or from the Shareholders section atwww.airliquide.com

Shareholders Lounge open Monday-Fridayfrom 9:00 am to 6:00 pm (gMt +1)75, quai d’orsay – Paris 7e – France

(a) Provided you have signed an account agreement with Air Liquide. free from a french lanDline

43

A team of 26 people, Air Liquide Shareholder Services is available to welcome you every day and provide information and services you need.

GrEEtiNG You The Shareholders Lounge is open

from Monday to Friday, 9:00 AM to 6:00 PM.

For the past year, it has hosted “mini-exhibitions” to help you discover Air Liquide’s world through audiovisual materials.

The Annual General Meeting is a unique event for receiving information and interacting with the Group and other shareholders. Through your vote, you can also get involved in the Group’s governance.

kEEPiNG You iNforMED

Our advisors are available to provide information: - by phone, - by email, - through our website.

Air Liquide posts continuous updates in the Shareholders section at www.airliquide.com, our interactions newsletter is published three times a year with its webzine (the online version of interactions).

Other documents also provide more information: the print and web-enhanced versions of our Annual Report, financial results publications, as well as the Shareholders’ Meeting Invitation and Minutes.

“MORE”, the Shareholder’s Guide contains comprehensive information about the Air Liquide share and share ownership.

offEriNG You tAilorED SErViCES

Whatever the number of shares you hold and the shareholding option, Air Liquide is at your disposal. For registered shareholders (direct or intermediary), publications and information about Air Liquide are sent directly to the address of your choice.

GEttiNG to kNow You

Air Liquide looks forward to meeting its shareholders all around France—and now throughout Europe— at meetings and theme-based conferences.

Air Liquide takes part every year in Actionaria fair in Paris.

rEPrESENtiNG You

The 12-member Shareholders’ Communication Committee meets three times a year with the Chairman and CEO and in working groups on topics related to individual shareholders.

Simplifying your life as a shareholder

CLOSER FROM yOU

Between us

TO ACCESS THE 2012 SHAREHOLDER CALEnDAR, SCAn THIS CODE.

44

wElCoME to our SHArEHolDErS louNGEAt Air Liquide, we receive our shareholders in a dedicated, friendly lounge located at the Group’s head office in Paris. Everyone is welcome and can access information about the Group and its share, meet with advisors to discuss direct registered account management and perform buy or sell orders. The Shareholders Lounge is open Monday to Friday from 9:00 AM to 6:00 PM, with or without an appointment.

For the past year, the Shareholders Lounge has hosted some mini-exhibitions that introduce you through audiovisual materials to Air Liquide’s businesses and technology, and to the Group’s commitment to environmental issues. Following last year’s hydrogen energy mini-exhibition, “Deepsea Under the Pole” takes you below the North Pole ice caps with Ghislain Bardout and his team mates. These breathtaking pictures of a stunning expedition will be on display until May 2012.

45

SHArEHolDErS’ CoMMuNiCAtioN CoMMittEE: wHY Not GEt iNVolVED?Help us keep you well informed Consisting of 12 Air Liquide shareholders, the Committee is regularly called upon to improve the quality of information and services offered to shareholders. Members are chosen based upon simple criteria meant to best reflect the structure and diversity of Air Liquide shareholders: age, equal gender representation, past and current occupations, geographic location, new/long-time shareholders, etc. A third of its members are replaced every year. The Committee meets three times a year to discuss with Chairman and CEO Benoît Potier.

very active members In addition to plenary meetings with the Chairman, the Committee is active year round through workshops focused on key topics for shareholders. In 2011, the Committee consulted about how to improve tax information, the new presentation of direct registered portfolios, and new account related documents. The Committee members also attend the Actionaria Fair to share their experience and work.

Joining the Committee is easyVisit the Shareholders section at www.airliquide.com to download the application form and please return it to Shareholder Services before every July 31.

Between us46

MEEtiNG uP witH Air liquiDEBenoît Potier meets with shareholders in France Following the Shareholders’ Meeting held each May in Paris, Benoît Potier travels to several other cities in France to present the Group’s results and prospects. Before each meeting, shareholders can access an exhibition that presents the Group’s activities and innovations. Then a theme-based conference with experts caps off the presentation of our businesses.

Air Liquide at the Actionaria Fair Attracting almost 30,000 visitors, the Actionaria Fair held at the Palais des Congrès in Paris is dedicated to investing in the stock market. It is an important event for new and long-time investors alike. More and more of you visit our stand every year to meet with our advisors, talk with our business specialists, and attend our conferences.

This year, our Registered Shares Area took center stage. It helped show shareholders the simplicity of the registration process and outlined registered shares’ advantages and tailored services.

Meetings throughout France To stay ever closer to you, Air Liquide organizes shareholder meetings in various French cities in collaboration with stock market partners and specialists (FFCI(a), Le Revenu, and Mieux Vivre Votre Argent, both French magazines). These meetings are an opportunity to present Group news, results, stock market performance, and the services available to you. It also gives our Shareholder Services managers the chance to talk directly with you. After Strasbourg, Bordeaux, Montpellier and Annecy in 2011, many new meetings are planned for 2012.

Come meet us! air liquide invites all registered shareholders to events organized in their regions. Bearer shareholders simply need to contact Shareholder Services to receive their invitations.

2012 Calendar • May 9: Annual General

Meeting of shareholders in Paris

• May 31: Benoît Potier meets shareholders in Biarritz

• June 6 : Shareholder meeting in Tours with FFCI(a)

• June 12: Benoît Potier meets shareholders in Lille

• June 28 : Shareholder meeting in Nice with Mieux vivre votre Argent

• September 18: Shareholder meeting in Rouen with FFCI(a)

• October 3 : shareholder meeting in Lyon with Mieux vivre votre Argent

• November 23 and 24: Actionaria Fair in Paris

• December 4: Shareholder meeting in Toulouse with Le Revenu

(a) Fédération Française de Clubs d’Investissement, or French Federation of Investment Clubs

mOrE Than 8,000 SharEhOLdErS mET in 2011

47

Involving younger generations in the stock marketIn an effort to promote learning and dialogue, Air Liquide Shareholder Services has developed a pilot program designed to introduce younger people to stock market culture. The goal is to add a practical dimension to the theoretical background of students who will become tomorrow’s economic players and potential professional/private investors in France and Europe.

ow can we teach high school and university students to look beyond the current volatility of

stock indexes? How can we get them to think beyond a “casino” concept of the stock market where bets are placed, winnings earned and losses taken based on mass trends that are often detached from corporate fundamentals?

To answer these questions, Shareholder Services turned to the French schools known as Grandes Ecoles. New relationships were built over the past year with schools like IESEG, ICAM, Centrale Paris, Ponts et Chausées, HEC Paris, Le Rebours high school in Paris, and the European “Best” seminar at the Ecole Polytechnique.

The pilot project has helped measure interest among students and teachers in gaining a better understanding of what is at stake in the relationship between an industrial company and its shareholders over the long term, as well as companies’ need to find resources in financial markets that will help them develop and support long-term investments.

Shareholder Services aims to expand and make its involvement durable with a small number of schools and institutes that represent the various higher education disciplines in France.

“We are extremely pleased to receive private sector speakers who give our students a different perspective on finance and the economy. Our classes cover technical topics related to capital markets: international finance, financing packages, LBO funds, etc. Our students are very interested in discovering the mechanisms of a world they know little about or not at all. They are not aware that shareholding has had a real effect on economic stability since the 19th century, serving as a private alternative for financing the economy. In addition, ethics plays a big role in our education, so it makes sense to have students reflect on the fundamental meaning of being a shareholder. That’s why the efforts of Air Liquide— a company with an exemplary, discrete and distinct shareholding model—are so enriching.”

Viewpoint

BY DANièlE AttiAS, PrOFESSOr aT ThE ECOLE CEnTraLE PariS – hEad OF FinanCE and manaGEmEnT EdUCaTiOn – mEmBEr OF ThE indUSTriaL EnGinEErinG LaBOraTOrY

lAurENt DuBlANCHEt, dirECTOr OF SharEhOLdEr SErviCES

H

“at air liquide, we think it’s important to develop the financial culture of future young professionals, with a focus on the stock market. We offered to do this with the teachers by providing an example of a corporate model that performs strongly over the long term.”

Between us48

what appeal does Air liquide hold for Belgian investors? Air Liquide has an impressive track record of solid performance, and, in all likelihood, an equally promising future. It’s a group that is seeing nearly double-digit growth while taking good care of its individual shareholders. That’s why we decided to present Air Liquide to our members in Antwerp. We think Air Liquide is a good opportunity for investors in Belgium and elsewhere who want to invest over the long term.

in your opinion, what are its major drawbacks?For Belgian investors, it’s the double tax on dividends, which remains a problem that has to be resolved at the European level. The loyalty bonus that Air Liquide distributes to its registered shareholders helps to partly make up for this fiscal disadvantage. However, we are in favor of a unified withholding tax in Europe.

what is your take on the emergence of a European shareholder base?As a member of the Board of Directors of Euroshareholders(a), I often meet with representatives from individual shareholder organizations in Europe. I have to say that we are still a long way from an integrated Europe for individual shareholders, though we are moving towards this direction. The existing transnational stock markets, the recent creation of the European Securities and Markets Association, and the collaboration of various individual shareholder organizations within Euroshareholders have all helped to develop a European investment environment where taxes are the only variable still restricted to national boundaries. Streamlining the tax structure for capital income remains a top priority. Let’s do it!

“We hope that air liquide becomes a hot share in Belgium.”

PAul HuYBrECHtS, Chairman OF vFB (Flemish Federation of investors)

3 questions with...

(a) Based in Brussels, Euroshareholders is an assembly of 30 of Europe’s national individual shareholder organizations. Its goal is to represent the interests of individual EU shareholders.

Gradually expanding the Group’s base of individual shareholders to include European investors is Air Liquide Shareholder Services’ new challenge. This effort is in line with two trends: transnational corporate activity and mergers of organizations representing individual shareholders in each European country.

Many individual investors attended air liquide presentations in different european cities, demonstrating the strong level of interest in the Group’s fundamentals:• Brussels, in partnership with le revenu and KBC (KBC Banking & insurance),• Antwerp, in partnership with VFB (Flemish Federation of investors),• Düsseldorf, in partnership with DSW (German association for shareholders

protection).

Focusing on Europe

49

Ratings: not just for nations…

A CLOSER LOOK

Ratings agencies such as Moody’s, Standard & Poor’s (S&P), and Fitch are frequently mentioned in the media. They have a major influence both on financial markets and companies. A closer look at Air Liquide’s rating.

Interview conducted with Jacques Molgo (Treasury & Group Financing Director at Air Liquide) and Edouard Neyrand (Group Financing Manager at Air Liquide).

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tHE rolE of rAtiNGS AGENCiESRatings agencies specialize in analyzing the credit of different entities and assigning a rating. They evaluate the risk of credit default and the solvency of borrowers, including private and public companies, governments and local authorities. Their role is to measure the borrower’s risk, and its capacity to meet its payment obligations. This is also referred to as credit quality.

rAtiNGS SYStEMSEach agency has its own rating system. In general, ratings range from A to D. The best rating is AAA from S&P (Aaa from Moody’s): this means the borrower presents virtually no default risk and has the highest credit quality. A D rating implies a borrower is bankrupt. Ratings may also be accompanied with a positive or negative outlook that provides further information on potential changes in credit quality expected by the agency in the short term.

iNfluENCE of rAtiNGSFor companies looking for funding sources, especially market financing, their credit rating will influence the conditions of the operation. The higher the credit rating, the lower the interest rates on the funds raised by the company will be. Credit ratings are not set in stone, but are subject to changes according to the evolution of the issuer’s situation (acquisitions, mergers, increased indebtedness, economic prospects for a company and its industry, etc.).

Air liquiDE’S rAtiNGTo diversify its funding sources beyond bank financing, Air Liquide issues bonds on financial markets. Debt issued by the Group on markets represents 66% of Air Liquide’s total debt as at December 31, 2011. As with shares, the institutional investors who purchase these debt securities demand guarantees concerning the Group’s creditworthiness. Since 1999, long-term Air Liquide’s long-term debt has been rated by S&P, while short-term financing is evaluated by S&P and Moody’s. Every year, following the publication of the Group’s annual results, a business plan is submitted to S&P with a detailed presentation of Air Liquide’s debt structure. Each quarter, the agency monitors the Group’s solvency regarding the upcoming reimbursements of its short-term debt. To establish its rating, the agency takes into account the company’s available cash assets, the future evolution of its debt, its ability to repay debt, as well as the strength and relevance of its business model and its ability to resist economic fluctuations.

Air Liquide among the top 10 in the CAC 40 index With an A rating, air liquide has the best rating among its global competitors and stands among the top 10 best-rated groups within the CaC 40 index. This means that the quality of air liquide’s credit is held in particularly high regard. “We borrow at interest rates among the lowest in the CaC 40,” says edouard Neyrand (Group Financing Manager). “our rating demonstrates the financial soundness of the Group, its excellent risk profile, and the stability of its operations. our credibility is a major market advantage for optimizing our financial operations.”

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your vote counts!

ANNUAL GENERAL MEETING

In 2011, more than 145,000 shareholders made their voices heard at the Annual General Meeting, including over 5,000 who came to participate in the event. It’s a special moment during the year when every shareholder can vote and get involved in Air Liquide’s decisions and future, no matter how many shares he or she owns.

For Air Liquide shareholders, the Annual General Meeting is a special occasion to take part in the decision making process of an international industrial group committed to a future-oriented strategy. It’s also a chance to get even better informed, interact and discuss with Chairman Benoît Potier.

Being a shareholder of Air Liquide also means understanding its businesses, strategy, results, vision and growth drivers. This is why pedagogy is widely outlined in the speeches, Group presentation, and answers to questions. Submitting accessible and understandable resolutions are another priority set by Air Liquide to help its shareholders make decisions. This is also the rationale behind the Minutes, which extend the General Meeting by summarizing the major speeches and providing with all debates in their entirety.

Strongly committed to participation and voting among its individual shareholders, Air Liquide does its utmost to encourage everyone’s involvement. All shareholders receive an Invitation to Shareholders’ Meeting as soon as they own one single share, which results in 450,000 invitations sent out each year. voting is an easy and yet essential process. By voting at the Meeting using the electronic voting device, submitting their vote by mail before the Meeting, or by giving their voting right to the Chairman of the Annual General Meeting or any other person of their choice, shareholders take part in Air Liquide’s major decisions.

To share this event with all shareholders, the General Meeting is broadcast live on www.airliquide.com in both French and English. A video of the Meeting is also available for viewing as soon as a few hours after the event. Shareholders can access the answers given to written questions that were submitted to the Chairman before the Annual General Meeting.

Combined Shareholders’ Meeting will be held on May 9, 2012, in Paris, at the Palais des Congrès.

A single €10 attendance fee is distributed to each shareholder present at the Annual General Meeting, regardless of how many admission cards they present or shareholders they represent.

importAnt events

TO KnOW MORE ABOuT THE VOTE AT THE AnnuAL GEnERAL MEETInG, SCAn THIS CODE.

mOrE Than 5,000 PEOPLE wErE wELCOmEd On ThE d daY in 2011

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wHAt iS tHE SCrutiNEErS rolE? You’ve seen two of them on the scene, but who are they? They’re the scrutineers. As members of the Annual General Meeting Board, they are responsible for ensuring that the General Meeting is conducted in accordance with the law. They make sure that the quorum is reached, that the agenda is followed and that shareholders can freely exercise their right to take part in debates and vote. They check the attendance list, examine and sign the minutes, and maintain order throughout the Meeting. Last year, our scrutineers were Amundi, represented by Véronique Bresson, and BNP Paribas Asset Management, represented by Michael Herskovitch.

Behind the scenes at the General Meeting

More than 500 people working on the day of the Meeting: Air Liquide teams, welcome and sign-in receptionists, security guards, technicians, etc.

200 m2 for the exhibition area presenting the Group’s businesses

120 welcome and sign-in booths One big screen measuring

22 meters high and 6 meters wide

53

MINI-ExHIBITION AT THE SHAREHOLDERS LOUNGE

hrough the Air Liquide Foundation, the Group lent its support to the scientific expedition “Deepsea

Under the Pole”. The mission was an innovative human adventure that aimed to discover the submerged side of the North Pole ice cap—a hidden world that remains largely unknown. The mission’s goal was to produce the first audiovisual material ever recorded of this unfamiliar world. At the same time, it was also a scientific mission that aimed to monitor ice cap melting by measuring snow and ice thickness. In March 2010, after three years of preparation, the eight team members (and Kayak, their husky) led by Ghislain Bardout, the head of the expedition were dropped off at the North Pole at the end of the Arctic night. For 45 days, they trekked by ski and performed 51 dives under the ice cap to gather data that has never been collected before.

T

an informative presentation of this expedition showcases the Group’s commitment to environmental issues. relive, through photos, videos and interviews, this fantastic human adventure!

Ghislain Bardout, the expedition leader, in front of the mini-exhibition at the Shareholders lounge.

Deepsea under the pole!

importAnt events54

During the inauguration, Ghislain Bardout had the shareholders relive the expedition.

ChECK OUT ThiS nEw mUST-SEE mini-ExhiBiTiOn aT

ThE SHArEHolDErS louNGE!

www.airliquide.com,Shareholders section

www.fondationairliquide.comwww.underthepole.com

The expedition equipment is also displayed.

The scientific and technical aspects of the expedition are presented in videos that are available at the mini-exhibition and in the Shareholders section at www.airliquide.com

TO RELIVE THE ExPEDITIOn THROuGH A VIDEO, SCAn THIS CODE.

55

Setting up the booth: a two-day work for the teams.

Adding the finishing touches: Air Liquide has been present

at the Actionaria Fair every year for several years now.

Behind the scenes2011 ACTIONARIA FAIR

A different take on the 2011 Actionaria Fair which took place on november 18 and 19 at the Palais des Congrès in Paris.

importAnt events

BEHiND tHE SCENES of tHE iNStAllAtioN (NoVEMBEr 16 AND 17)

56

Ghislain Bardout, leader of the “Deepsea Under the Pole” expedition, speaks during the “Air Liquide’s commitment to the environment” conference.

This year, speakers offered interactive presentations at the booth using their touch screen tablets.

Chairman and CEO Benoît Potier is present to meet with shareholders.

At the Air Liquide booth, shareholders receive important information.

BEHiND tHE SCENES of tHE oPENiNG to tHE PuBliC (NoVEMBEr 18 AND 19)

At the opening, a team of 20 people operates the Air Liquide areas to greet and inform fair attendees.

This year, Air Liquide added a second booth dedicated to registered shares, an increasingly popular shareholding option.

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Choosing between direct registered, intermediary registered or bearer shares is a personal decision. Let us present you the features and advantages of these shareholding options.

form of ownership BEARER SHARESInTERMEDIARY

REGISTERED SHARES

DIRECT REGISTERED

SHARES

my shares are held by • Air Liquide ✔

• my financial intermediary ✔ ✔

i do not pay any handling feesvaries by financial establishment

✔

i do not pay any management fees ✔

i receive dividends ✔ ✔ ✔

i receive free shares ✔ ✔ ✔

i qualify for the loyalty bonus(a) ✔ ✔

i can hold my shares in a peA ✔ ✔

i receive information from Air Liquide directly ✔ ✔

i place my stock orders with Air Liquide directly ✔

i am invited to the Annual general meeting directly by Air Liquide ✔ ✔

i am invited to the Annual general meeting once i hold one share ✔ ✔ ✔

my ifu (imprimé fiscal unique- french tax form) is sent by

• Air Liquide ✔

• my financial intermediary ✔ ✔

1 Shareholding optionsAssets at in-depth look

LeArn more

(a) For shares held for two full calendar years and subject to the conditions defined by Air Liquide’s articles of association.

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foCuS oN iNtErMEDiArY rEGiStErED SHArESIntermediary registered shares offer the advantages of registered shares (loyalty bonus, direct, tailored link to Air Liquide) and the convenience of having your portfolio managed by your bank. Both flexible and appealing, this shareholding option is a smart compromise for many shareholders. Converting to registered shares is not a sale, so there are no tax consequences. The same tax situation applies to both registered shares and bearer shares. Conversion fees and processing times vary according to financial institutions. Contact your financial advisor for more information.

as a shareholder, you must submit to your bank or financial intermediary a new ˝Conversion to intermediary registered shares˝ form for each new buy order.

PurCHASiNG or CoNVErtiNG to rEGiStErED SHArES iS EASY

(a) Conversion fees and processing times vary according to financial institutions. Contact your financial advisor for more information.

if You HolD Air liquiDE BEArEr

SHArES

if You HolD Air liquiDE BEArEr

or iNtErMEDiArY rEGiStErED SHArES

if You ArE Not A CurrENt Air liquiDE

SHArEHolDEr

...and you wish to convert to intermediary

registered shares

...and you wish to convert to direct registered shares

...and you would like to purchase direct registered

shares

Send your financial intermediary a request to convert your securities into intermediary registered shares.

You can find a standard request form in the Shareholders section at www.airliquide.com.

Your bank will send your registration to Air Liquide while continuing to manage your account(a).

Fill in your request to convert to direct registered shares and send it to your financial intermediary.

You can download a standard request form in the Shareholders section at www.airliquide.com.

Your bank will perform the operation(a) and inform Shareholder Services, which will then send you the account agreement. You must then sign the agreement and send it back to Shareholder Services in order to finalize the opening of your account.

Contact directly Shareholder Services to open an account, or download the account agreement and the stock order form in the Shareholders section at www.airliquide.com.

TO FInD OuT HOW TO COnVERT TO REGISTERED SHARES, SCAn THIS CODE.

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What advantages do registered shares offer to investors?Over a third of our registered shareholders are institutional investors. This includes a nearly equal portion of French and non-French investors. The financial advantage is clear: qualifying for the loyalty bonus and receiving a 10% higher dividend and number of free shares. This improves the performance of their investment. Registered shares appeal to both institutional and individual investors because they favour long-term investment.

What might deter institutional investors from registering their shares?A lot of institutional investors think the benefits of registered shares are only available to individual shareholders and that they are excluded. Quite the contrary: Air Liquide encourages all investor profiles to accompany the Group’s development over the long term.

Furthermore, institutional investors assume that holding registered shares will slowdown the selling of their securities position. But this is not the case: these operations are performed in the same way for bearer shares. However, it is true that for non-French investors the depositary chain is more complicated

and that these investors do not necessarily have the information to deal with a situation that is different from what they are used to. Registered shares, for example, are assigned different value codes based on the year they were registered. These value codes are not the same as the generic code used for bearer shares, so we need to provide more information and help.

How do you plan to attract more institutional investors to intermediary registered shares?Few institutional investors take advantage of intermediary share registration. For this reason, we have taken several measures to raise awareness amongst portfolio managers and other financial intermediaries about the advantages of intermediary registration (easy registration, flexible portfolio management, etc.). During the roadshows we organize to meet our investors, we make a point of explaining our shareholder policy to those that show an interest. We are also currently developing a tool intended for financial intermediaries to raise their awareness and interest in the subject. Finally, I want to add that the institutional investors who have chosen direct registration for their Air Liquide shares represent 11.5% of the capital of the Group and are convinced by the financial advantage of this shareholder option and the prospect of investing in Air Liquide over the long term.”

VirGiNiA JEANSoN, dirECTOr OF invESTOr rELaTiOnS, air LiqUidE

3 questions with...

guide en sAvoir pLus

“investors who chose intermediary registered shares were convinced by the financial advantage of this shareholding option and the prospect of investing in air liquide over the long term.”

LeArn more60

Giving Air Liquide shares to relatives is a good way to plan inheritance and protect your wealth. While adding value to their savings, you’re also passing on your investment culture and confidence in the Group. We provide you with useful information for a better understanding.

DoNAtioNS: PlANNiNG Your iNHEritANCEMaking a donation during your lifetime is a simple process that reduces inheritance fees taxes and offers several tax advantages. At any time, you can definitively plan the total or partial allocation of your assets. Assets distributed in this way are not revalued upon the grantor’s death. Donations are drawn up with a notary as an authenticated deed.

Tax exemption Previous donations are associated with a new donation only if they were performed less than 10 years before (the previous delay was 6 years). Exemption amounts are as follows:

€159,325 for each child from each parent,

€80,724 for your spouse or civil union partner,

€31,865 for each grandchild, €15,932 for each sibling, €7,967 for each nephew or niece, €5,310 for each great-grandchild.

Tax implications Donations reduce inheritance fees incurred with a single, posthumous transfer of your assets. They also come with a series of simple and advantageous tax measures.

Regardless of the grantor’s age, all underlying capital gains on shares are tax-exempt when transferred as donations or inheritance, provided that information on the transfer is communicated to tax authorities. In addition, all fees, charges and taxes paid by the grantees or beneficiaries are included in the calculation of the new average taxable share price (purchase price + broker fees).

You decide Consult your legal or wealth management advisor to set the terms of your inheritance according to your legal status (marriage contract, gifts, donations, wills, etc.). The testator (the person leaving a will or testament) establishes how his/her assets (including shares portfolios) will be distributed among beneficiaries. an act signed by your notary stating the marital status of the deceased, the names of all beneficiaries, and the number of shares attributed to each is sufficient to distribute a portfolio. air liquide or the financial intermediary will strictly execute all instructions given by the lawyer managing the estate.

2 Inheritance and gifts (for French fiscal residents only)

Passing on your Air Liquide shares

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HAND-to-HAND GiftS: flEXiBlE trANSfErSTraditionally, this is a gift of money, furniture, jewelry or shares passed from hand to hand. As a general rule, a hand-to-hand gift—or what the gift was used to acquire—must be added to the grantor’s estate in order to be revalued and included in the allocation of the grantor’s assets. An unofficial note can be used to prove acceptance of the gift. However, within one month, the grantor must notify the grantee’s local tax authorities of the gift using French tax form 2735. This condition will allow the gift to be included in the grantee’s portfolio value.

CuStoMArY PrESENtS: A wAY to MAkE Your loVED oNES HAPPYA customary gift is a present given on a special occasion (wedding, birthday, holiday, etc.). It can be in the form of securities, but must represent a relatively small share of the grantor’s assets. If it respects these conditions, the gift does not need to be included in the grantor’s estate and is not taxed by fiscal authorities. Gifts do not need to be declared. Their purchase price is zero in the grantee’s portfolio.

Although Shareholder Services can help you plan the transfer of your Air Liquide shares, your notary or legal advisor remains your primary contact, as he/she has comprehensive knowledge of your assets. In case of inheritance, donations or hand-to-hand gifts to a spouse or a relative entitled to inherit, Air Liquide shares still qualify for the loyalty bonus.

DiD You kNow?

French tax authority website:download tax forms, including form 2735 to declare a hand-to-hand gift (French only), at www.impots.gouv.fr.

French notary council’s website: access useful information, legal assistance, etc., both in French and english at www.notaires.fr.

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How do I purchase Air Liquide shares?You can go through your usual financial intermediary. Your shares will then be placed in a securities account. You can also purchase your shares directly from Air Liquide. In this case, your shares are considered direct registered shares and we manage them at no charge. More information on page 37

I hold Air Liquide shares through my bank and want to convert them to registered shares. How do I do so?Simply send an intermediary registered conversion form to your bank. You can download a standard form in the Shareholders section at www.airliquide.com. Your bank will then perform all necessary

measures with Air Liquide. More information on page 59

When can I receive the loyalty bonus?The loyalty bonus is given to Air Liquide shareholders who have held registered shares through two full calendar years. It increases the dividends and free shares you receive by 10%. More information on page 32

I hold direct registered Air Liquide shares. How do I place a stock order?There are four ways to place your stock order: by using your web account if you have an approved account agreement, by calling the toll-free customer service hotline (option 3), by mail to Shareholder Services, or by fax. For the last two

options, you must provide a copy of your photo ID with your order. Since September 1, 2011, broker fees are set at 0.18% (excl. tax) of the total amount of the transaction, with no minimum. More information on page 41

How do I give Air Liquide shares to my children or grandchildren?There are three types of donations: a customary present, a hand-to-hand gift and a donation. Customary presents require no administrative procedures for small values. Hand-to-hand gifts must be declared to the tax authorities. And donations require an act signed by a notary. More information on page 61

3 From you to usYour most- asked questions

TO SEE YOuR MOST-ASKED quESTIOnS, SCAn THIS CODE.

Air Liquide A to Z Annual Report Reference Document Financial information

Shareholder information MORE, the Shareholder’s Guide interactions newsletter for shareholders Invitation to Shareholders’ Meeting and Minutes

Air Liquide online The web-enhanced Annual Report interactions webzine The Shareholder’s Guide online

Visit our website at www.airliquide.comFollow us on Twitter @AirLiquideGroup

63

Note

Contact us directly through the website: http://contact.shareholders.airliquide.com or from the Shareholders section atwww.airliquide.com

Shareholders Lounge open Monday-Fridayfrom 9:00 am to 6:00 pm (gMt +1)75, quai d’orsay – Paris 7e – France

Shareholder Services75, quai d’Orsay75321 Paris Cedex 07France

+33 (0)1 57 05 02 26 From outside Franceor from a French landline

64

free from a french lanDline

2012 CALENDARApril 25 First quarter revenue May 9 annual General Meeting of shareholdersMay 31 Benoît Potier meets with shareholders in BiarritzJune 6 Shareholder meeting in Tours with the FFCiJune 12 Benoît Potier meets with shareholders in lilleJune 28 Shareholder meeting in Nice with Mieux Vivre Votre argentJuly 30 First semester resultsSeptember 18 Shareholder meeting in rouen with the FFCiOctober 3 Shareholder meeting in lyon with Mieux Vivre Votre argentNovember 23 and 24 actionaria Fair in ParisDecember 4 Shareholder meeting in Toulouse with le revenu

Air liquiDE SHArE iDENtifiCAtioN SHEEt AS At DECEMBEr 31, 2011Continuous trading on Euronext Paris (compartment A)Value Code ISIN FR0000120073Par value ¤5.50Number of shares 283,812,941 sharesClosing price ¤95.59Market capitalization ¤27.1 billionWeighting in the CAC 40 index 4.65%Weighting in the Dow Jones Euro Stoxx 50 index 2.03%

For further information on the Air Liquide Group, please refer to the Reference Document filed with the Autorité des marchés financiers (AMF), the French securities regulator, and available on the Air Liquide Group and AMF websites.

Air Liquide thanks the shareholders and employees who helped create this Guide. Photo credits: Stéphane Remaël/LaCompany, Émile Luider/LaCompany, Jean-Erick Pasquier/LaCompany, Grégoire Korganow/LaCompany, Fabrice Mangeot, Éric Vidal/Capa Pictures, Lionel Moreau/Capa Pictures, Creative Spirit, Benoît Linero, Audrey Léopold/IRD, Licher Medical Therapy, Getty images • Consulting, concept, creation, writing and production:

Translation: WordAppeal

L’Air Liquide S.A. Company established for the study and application of processes developed by Georges Claude with issued capital of 1,561,436,464.50 euros / Headquarters 75, quai d’Orsay • 75321 Paris Cedex 07 – France / R.C.S. Paris 552 096 281 • www.airliquide.com

This document has been prepared with information as at February 28, 2012.

As part of its sustainable development policy, Air Liquide has chosen to print this Guide on PEFC-certified paper. The fibers of this paper come from forests planted and managed in a sustainable manner. The paper is produced by a company that is registered EMAS (Eco-Management and Audit Scheme) and is printed by a Print Environnement certified printer that holds an Imprim’vert label.

65

Vote !

Whatever the number of shares you hold, your vote counts!

www.airliquide.com, Shareholders section

AnnuAl generAl meetinggetting involved iS SmArt